Telegram, the popular messaging application will start its own network called, Telegram Open Network (TON). It will apparently start working from September 2019 according to a memo sent to the investors by the company. Regardless of initial skepticism, the firm successfully tested its blockchain and consensus algorithm which met the objective of its prototype TON white paper.
In April, Telegram opened access to a private testing adaptation of the TON blockchain to a select number of engineers. The test engineers said the blockchain illustrated “incredibly high exchange speed.” Apparently, the network is designed to decentralize applications, one like Ethereum.
In February, TON was almost complete. Telegram gave this information in an investor agreement. The agreement will be invalid if the system does not launch by October 31, 2019.
The firm accumulated nearly $1.7 billion in two private initial coin offering around a year ago. Telegram enjoys a broad worldwide usage. As of late, TON has collaborated with German sponsor, Wirecard to develop digital financial products.